Search results for

THE MARKET for convertible bonds showed signs of weakness as UK and continental stockmarkets lost between 1% and 3% in late sessions this week. Despite the reassurance from Federal Reserve chairman, Alan Greenspan, that US interest rates would remain unchanged, the markets showed some signs of investor unease and this took its toll on some of the more tightly priced convertibles issued this week.

THE ISRAELI government this week pushed its privatisation programme on to a new stage by announcing the sale of stock in El Al Israel Airlines, the national carrier, and confirming its intention to divest a stake in national chemicals group Israel Chemicals as well as approving the sale of stock in Israel Discount Bank. The country's privatisation ambitions have been thwarted by an uncertain government policy toward the state sales. Only two weeks ago, Merrill Lynch sold 2.5% of the national telecom group, Bezeq, to the diversified UK telecom operator, Cable & Wireless, which already held 10% of the group.

* Seashell Securities

8610

Argentina ABN Amro Bank NV and Deutsche Bank AG have launched syndication of a five year term loan for steel company, Siderar SAIC. Pricing on the loan ranges from 90bp to 190bp over Libor. The facility will be repaid in four semi-annuals after three and a half years' grace. Siderar SAIC -- $100m

8328

A CONSORTIUM led by Merrill Lynch has been nominated to act as global co-ordinator of the privatisation sale of stock in Turk Telecom. The privatisation administration announced this week the group, which also comprises ABN Amro Rothschild and Is Yatirim, that will handle the share offering which could raise up to $2bn and is scheduled to take place during the third or fourth quarter this year.

* Cregem Finance NV Guarantor: Crédit Communal de Belgique SA

In the run-up to the single currency in Europe, more and more cities and regions in Europe are starting to look at the international capital markets as a potential source of funding. Italy's larger local authorities are no exception. A few have already tapped the international capital markets -- such as Naples, Sardinia and Lazio -- and several more are looking at the possibility, among them the City of Rome which is setting up a Euro-MTN programme.

Bahrain General syndication launches today (Friday) for the $400m loan for Aluminium Bahrain (Alba). Arrangers are Arab Banking Corporation, Arab National Bank, Al-Ahli Bank, Chase, SG and Sumitomo. This week BNP came in as a co-arranger to join ABN Amro, Banque Paribas, Samba and Arab Bank, underwriting $20m each.